COMPETITIVE PRODUCT DEVELOPMENT

Competitive Product Development

Executive Summary

The purpose of this assignment is to explain the keys to developing a new product and to craft a marketing plan for a new invention, the Shed King Deer Feeder. This invention is used to provide food to deer during the winter months, monitor the local deer herd, and collect their antlers. The information presented in this paper will help the inventor of the Shed King Feeder turn an idea into a profitable product. More specifically, the vision of success is to be the most recognized shed antler collector and to have a ten percent return on investment by the end of year one. To help achieve these goals, a literature review was conducted on the importance of a marketing plan in new product development. Marketing research was done to support marketing strategies suggested in the launch of this new product. Also, a target market was identified, competition was analyzed, and a marketing strategy was developed using the 4Ps of marketing: product, place, promotion, and price. Therefore, a feasibility of the project was conducted to determine if the marketing plan suggested is financially feasible, and how much money is needed to launch the product.

Table of Contents

Introduction1

Discussion2

Importance of marketing plan2

New Product Development6

The Shed King Feeder Prototype7

Patenting8

Patent Search9

Date of conception9

Marketing Plan of Shed King Feeder11

Price12

Promotion12

Place13

Competitor Analysis14

Target Market15

Marketing Plan Execution16

Goals17

Conclusion18

References19

Appendix21

Competitive Product Development

Introduction

A project manager within a company gathered employees from Marketing and R&D department for a meeting for discussing the variations needed in their existing product known as “Shed King Feeder”. The major department is the R&D that needs to play a major role in the current proposal made by the project manager of the team. The idea behind this plan is to bring a different sort of brand in the market that would help the firm in increasing their revenues and market share. The second aspect which is crucial for Shed King Feeder is not only strengthening their domestic position but also to enter foreign market. This is the reason why huge responsibility lies on R&D development in making necessary variations and bringing new modifications in the product. For this purpose, the marketing team will need a suitable plan for making modifications in the product which will be the core feature of the topic.

It is in the company's best interest to make any necessary design changes early on in the development process. This is because changes made later on in the development phase not only add costs but time to the product development life cycle. A delayed launch date negatively affects the total amount of revenue that can be generated during the product's life cycle. The challenge is that it is difficult to utilize incomplete and disparate data at the beginning phases of the product development. The multiple dimensions of creativity discussed above render this construct elusive and difficult to define, and thus an appropriate definition of creativity should emphasize a certain set of dimensions depending on the specific research interest and ...